my name is on the deed of a property in NY that went into forclosure, the other person dies. do I get any money from the bank?

Question

my name is on the deed of a property in NY that went into forclosure, the other person dies. do I get any money from the bank?

Answer

Call me on my cell phone 516-314-1343. Tommy. I can answer your question better that way.

Answer

Possibly. First, I do not know how the Deed is written and how the names appear. Also, if there is a foreclosure, the bank can sell the property at a public or private sale, and there is no guaranty that the price will even pay the mortgage balance. Unless the price paid actually exceeds the mortgage balance and costs related to the foreclosure and sale, you will get nothing and lose your interest in the property. Finally, I do not know if you are on the mortagage and note also? If so, you are at risk if the sales price is less that the mortgage balance as you could be responsible for any shortage.